Riyadh - Mubasher: Al Andalus Property Company has signed a memorandum of understanding (MoU) with NCB Capital to establish a new Real Estate Investment Trust (REIT).
Al Andalus aims at owning Al Andalus Mall and the nearby hotel in Jeddah, while maintaining the majority stake in the REIT, according to the company’s statement to the Saudi Stock Exchange (Tadawul) on Monday.
The three-month agreement doesn’t have a financial effect on the company, since the project is still in its very beginning the statement noted.
